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Sponsors drop Ryan Lochte after Rio robbery story

Speedo, Ralph Lauren no longer sponsoring Olympic swimmer

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(Al Bello/Getty Images)

NEW YORK – Ralph Lauren will not renew its contract with swimmer Ryan Lochte, a company official said.

This is following the drop in sponsorship from Speedo earlier today.

The swimsuit maker, owned by PVH in New York, says that it doesn't condone behavior that is counter to its values.

Lochte fabricated a tale that he was robbed at gunpoint in Rio de Janeiro during the Olympics. He later apologized.

Speedo says it is donating $50,000 from Lochte's sponsorship fee to the global charity Save the Children for children in Brazil.